Spotting a Seller in Bitcoin using Daily and Hourly Charts
So it seems there is a larger seller(s) around 6,800 on Bitcoin. There are a couple of clear straight forward reasons this is obvious to me just looking at the chart and price action.
Bitcoin Seller Steps In
There were three different occasions were price tried to spike through 6800 only to get smacked down on a volume spike, you can see this when we zoom in from the daily.
However, on the daily my gut had a feeling we were hitting a "wall" so to speak.
I break it down in the video below...
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only
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It could be a short seller protecting the wall which could lead to a short squeeze if volumes accelerates to the upside. The supply available to sell has to be close to reaching a dry spell given the amount of selling in this latest cycle.
Yes, unfortunately we got the opposite and the buyers lost the battle and cascading down we have gone :-(
Thanks.
Is this manipulation at 6,800 in your opinion or just a big guy with a sell order of 6,800?
Without a being able to look at time and sales data in one source I cannot 100% confirm, but a big seller and manipulation is basically one in the same. If one is selling a ton it influences the market.
Great video and spot on with your analysis.
Thanks! Yeah, sadly we rolled over after not being able to breach that 6800 area.
Yeah, I had that level Mark in a post I did on Bitcoin about a week ago stating there were sell orders there. Great minds think a like:)